2021 PROMISES A REACTIVACION OF THE REALESTATE SECTOR IN PANAMA

Panamanian real estate sector is preparing for a better outlook and an accelerated transformation.

For experts, 2021 will be a year of reactivation and transformation of the real estate market in Panama. Offices will be more flexible spaces than before, housing projects will have to adapt to the home-office model and the industrial sector will benefit from the new regional linkages, as a result of the pandemic caused by COVID-19.

This was the opinion of the specialists invited to the panel “Perspectives and Trends of Real Estate 2021”, organized by the commercial real estate consultancy Newmark Central America, as part of its official launch in Panama.

For Ignacio Mallol, CEO of Mallol Arquitectos, one of the main architecture firms in the region, 2021 will be a great opportunity to replan and restructure the real estate sector in the Central American country. According to Mallol, the impact of the pandemic will generate an acceleration of changes in offices, homes and public spaces.

For example, offices will have to be transformed into flexible spaces where work positions are no longer fixed, but nomadic, since employees will be able to continue teleworking some days of the week. This means that the traditional ratio of square meter per employee will no longer be as effective, and more creative options will have to be resorted to.

"We will see a renaissance of open spaces, terraces, amenities and the organization of more recreational activities that become a magnet for people to the offices," says Mallol. Also, according to the executive, both offices and homes will compete for employee productivity, which makes the new design solutions for both spaces even more relevant.

For his part, Álvaro Antadillas, Associate Director of Newmark, reported that, despite the current oversupply in the office market in Panama City, the good news is that new construction is not expected next year, with which the Existing inventory could be absorbed more efficiently. This stage is part of the real estate cycle of any real estate market which goes through four phases: expansion, oversupply, recession and recovery. The latter is the one that Panama is heading for next 2021.

Even better news is registered in the industrial sector, which is in an expansion phase with solid transactions in the “Build to Suit” modality (custom development) and speculative modules. “Panama continues to be very attractive for multinationals.

Source by: 

INversion Inmobiliaria

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